NON FUNGIBLE TOKEN!!!

Jack Dorsey’s first tweet has a high value because it is the first ever tweet on Twitter by its founder; another tweet may not have the same value.

JACK’S first tweet became an NFT!!!
Can you beat this!!! woah…

What are NFTs or Non-Fungible Tokens

With blockchain ecosystems having broadened to include more use cases than just medium of exchange or store of value, non-fungible tokens or NFTs bring scarce and unique assets on-chain to serve this growing need.

NFTs are;

Provable “deeds” of ownership.

with verifiable authenticity of an asset.

A trustless verification of ownership and authenticity is established:

NFT entire holding and transaction history of an asset from the original author to the current holder ensuring a trustless verification of ownership and authenticity. So here you get the complete audit trail or sequence of holders of NFT!

Standardised formats allow interoperability and composability between projects.

The owner of any digital art can display it on other platforms like the virtual worlds of CryptoVoxels and Decentraland.

NFTs are deeds or proof-of-ownership and authenticity

NFT structure

The buyer has bought a collectible item that is verifiably limited and authenticated by the person in the meme picture itself. Storage on a blockchain like Ethereum is extremely costly as all nodes have to store it independently, and the blockchain can get very bloated extremely fast.

As per an estimate, storing 1 GB of data on Ethereum might cost more than 60,000 ETH in transaction cost for a gas price of 100 gwei.

Use Cases: In various fields:

Valuing collectibles

Critics:

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